Warner Bros. has signed a deal to supply movies to Chinese video-streaming platform iQIYI.
Titles covered by the deal include the “Lord of the Rings” franchise, “Gravity” and “Godzilla.”
The Chinese platform operates a mix of advertising-supported VoD and subscription packages. It has previously struck supply deals with companies such as Lionsgate, Studiocanal and Protagonist Pictures.
China’s streaming platforms are currently engaged in a cutthroat battle for market share and are spending heavily on international content and locally produced movies and TV shows. In its most recent financial report, iQIYI doubled its spending on content to $1.13 billion.
That revelation came only days after it announced that it was floating a $1.5-billion convertible bond issue to allow it to continue investing in rights. Variety calculated that at 2016 rates of spend, that finance pool would be exhausted in 15 months.